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Shutterstock, Inc. (NYSE: SSTK) is a premier global creative platform, offering high-quality content to transformative brands, digital media, and marketing companies. The company operates an online marketplace for commercial digital images, videos, and music, providing a diverse range of media including photographs, illustrations, vector art images, and video footage. These assets cater to users producing video advertisements, commercial motion pictures, television programming, video games, and other video-based media.
Shutterstock's offerings are designed to enhance visual communications through websites, digital and print marketing materials, corporate communications, books, publications, and video content. The company licenses commercial digital imagery and also offers an online learning platform for digital professionals.
Based in the United States, Shutterstock generates a significant portion of its revenue from content offerings, with its largest market being domestic. The company's innovative approach includes partnerships with leading tech firms like NVIDIA, Meta, and OpenAI, developing cutting-edge AI tools for creators. Shutterstock's commitment to ethical and responsible AI advancements is evident through its involvement with the Content Authenticity Initiative (CAI).
Recent achievements include strategic collaborations with Luma Labs AI, RECON Labs, and Volinga AI to explore NeRF technology, enhancing Shutterstock's extensive 2D/3D asset database. Additionally, Shutterstock's acquisition of Giphy has bolstered its content offerings, adding significant value to its data and services segment.
Financially, Shutterstock has shown robust performance with increasing revenues and profitability. The company continues to innovate with the launch of creative AI-powered editing features, providing users with unprecedented capabilities to refine and perfect images from its vast library.
With a growing network of over two million creators, Shutterstock remains focused on empowering the creative process and supporting its artist community through ongoing royalties and a Contributor Fund. As it continues to expand its service offerings and market reach, Shutterstock is poised to remain a leader in the creative content industry.
On June 12, 2024, Databricks and Shutterstock announced the launch of Shutterstock ImageAI, a new text-to-image Generative AI model designed for enterprise use. Built on Databricks Mosaic AI and trained exclusively on Shutterstock's image repository, ImageAI generates high-fidelity, commercially viable images tailored to specific business needs. This model addresses the challenges of using AI-generated images in enterprise settings by ensuring data governance and observability.
ImageAI offers trusted outputs, adaptability to unique business requirements, and secure integration into enterprise applications. Available now in private preview on Databricks Mosaic AI Model Serving and live on Shutterstock's website, ImageAI marks a significant advancement in AI-driven content creation.
Shutterstock Studios, a division of Shutterstock (NYSE: SSTK), announced significant industry recognition, earning 15 Telly Awards and four Webby Honors for its high-quality production work. The awards span a variety of categories, acknowledging their expertise in video, animation, virtual production, and 3D content. Clients such as Lenovo, Carhartt, and Quill contributed to these achievements. The 45th Telly Awards highlighted excellence in video across all platforms, while the 28th Webby Awards recognized the studio's work as among the top 10% of submissions globally. These accolades reinforce Shutterstock Studios' leadership in innovative storytelling and high-end production techniques.
Shutterstock, Inc. (NYSE: SSTK) announced the acquisition of Envato Pty , a leader in digital creative assets and templates. The acquisition includes Envato's flagship product, Elements, a creative subscription service allowing unlimited downloads of various assets. This strategic move by Shutterstock aims to expand its reach to faster-growing audiences such as freelancers, hobbyists, small businesses, and agencies, while also diversifying its content offerings. The acquisition is expected to increase Shutterstock's subscriber base, revenue, and content library significantly.
Shutterstock reported its first quarter 2024 financial results, highlighting strong performance and an acquisition agreement with Envato. Despite revenue consistency, net income, adjusted EBITDA, and adjusted net income per diluted common share all decreased compared to Q1 2023. The acquisition of Envato Pty is expected to close in Q3 2024, with a purchase price of approximately $245 million. The company's cash and cash equivalents decreased, and adjusted free cash flow also declined. A quarterly cash dividend of $0.30 per common share was declared and paid. Key operating metrics showed a decrease in subscribers and revenue per customer compared to 2023. The company increased its guidance for full-year 2024 with revenue growth of 5.5% to 7% and adjusted EBITDA of $245 million to $248 million.
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